Reuters has reported that participating European countries plan to cut the FTT (financial transaction tax) rate by up to 90% and may have its “full roll-out” delayed. The tax, which is set to target speculative trading, would have its rate reduced from 0.1 percent to 0.01 percent and be applied gradually. If it is put into place, 2014 could see transactions of shares taxed, with bonds and derivatives being taxed later on. The tax still has a way to go until final approval by the participating 11 European countries, which include Germany and France. Germany in particular would most likely not approve of any scale-down. The UK government has expressed strong opposition to the FTT which fears that it will be forced to collect the tax by the EU, Reuters reports, as the current rules state that “if either the buyer or seller is based in one of the participating countries, the levy can be imposed even if the transaction takes place elsewhere.” This could potentially be disastrous for financial centers in London and Luxembourg and lessen Europe’s appeal as a place to do business.

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If the ex-head of ill-fated MtGox fails to act within the specified deadlines, he faces a default entry against him.
The post Mark Karpeles has 10 days to reply to MtGox US customers’ claims appeared first on FinanceFeeds. […]

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According to the CFTC, James Vorley and Cedric Chanu attempt to seek discovery from the regulator without limitation, while trying to shield themselves from their obligations to provide discovery.
The post CFTC warns that traders accused of spoofing are trying to obtain excessive evidence appeared first on FinanceFeeds. […]

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During the April-June quarter, the Hong Kong regulator received 2,030 licence applications, up 19.6% from the same period a year earlier.
The post Hong Kong’s SFC registers rise in license applications in quarter to end-June appeared first on FinanceFeeds. […]

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Online sales and cashless payments lessen the need for personal banking services such as cash withdrawals.
The post Shift to online services pushes MUFG Bank to reduce number of ATMs appeared first on FinanceFeeds. […]

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The Exchange announces the acquisition of approximately 8% of additional interest in FastMatch, a global FX spot market operator.
The post Euronext increases its stake in FastMatch to 97.3% appeared first on FinanceFeeds. […]

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The bank continues to oppose claims that it had actual knowledge of and substantially assisted Renwick Haddow’s Ponzi scheme.
The post JPMorgan aims to refute claims it had knowledge of Haddow’s scam appeared first on FinanceFeeds. […]

Washington, DC – FIA and the FIA Principal Traders Group (together, FIA) today urged the Commodity Futures Trading Commission (CFTC) to retain the current $8 billion de minimis threshold for swap...London—6 August 2018 — FIA today announced the publishing of a fully updated and comprehensive set of industry standard contractual terms for derivatives clearing – the FIA Terms of Business 2018...On July 31, the U.S. Treasury Department released a report on financial technology and innovation. The report is the fourth and final in a series drafted in response to an executive order issued...Each year FIA organizes an Innovators Pavilion at the Futures & Options Expo in Chicago to showcase fintech startups that are offering forward-thinking solutions for the global capital markets...FIA submitted a letter to the European Commission and European Securities and Markets Authority on July 27 expressing opposition to the idea of allowing public entities to be exempt from...Washington, D.C.—July 25, 2018—FIA today released its half-year 2018 report on trading activity in the global exchange-traded derivatives market....
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The rule would provide the Exchange with authority to require participation by certain member organizations in industry-wide tests to validate that their processing in the event of MWCB is as expected within their systems.
The post SEC approves NYSE proposal to require certain members to take part in circuit breaker testing appeared first on FinanceFeeds. […]

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The US Government says it should be able to cross-examine a witness with facts tending to show that the banks did not, in fact, condone the traders' behavior.
The post DOJ wants to be able to refer to bank guilty pleas in case against FX Cartel appeared first on FinanceFeeds. […]

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A case which alleged that FXCM Inc and Drew Niv misled investors about the risks associated with FXCM’s business gets dismissed in New York.
The post NY Court rules in favor of Drew Niv and FXCM Inc in “Black Swan” case appeared first on FinanceFeeds. […]

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The improvements are set to be particularly helpful to financial advisors that manage a large number of accounts.
The post Interactive Brokers’ TWS platform streamlines process for handling FA allocation orders appeared first on FinanceFeeds. […]

Fraudsters continue to impersonate FINRA executives, offering bogus investment "guarantees" to investors as part of an advance-fee scam. Read more about the lengths these fraudsters go to in creating a false sense of security. […]